• Friday, September 29, 2023
businessday logo


MRS, UPDC REIT, Chellaram cause market to reroute north

Access, Oando, others cause market’s negative start to new week

After a negative take-off this week, Nigeria’s equities market turned positive on Tuesday, rising by 0.67percent or N192billion as investors bought among others counters like MRS, Chellaram, and UPDC REIT.

The market’s benchmark performance indicators – the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from 52,348.82 points and N28.512trillion respectively to 52,701.31 points and N28.704trillion.

“Looking forward, our broad-based expectation for the equities market is bright in first-quarter (Q1) 2023 as we expect the yield environment to remain depressed due to excess maturities.

Read also: Here’re Nigeria’s best-performing stocks in 2022

“However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies,” said United Capital research analysts in their January 17 note to investors.

The share price of MRS increased most on Tuesday, from N14.10 to N15.50, adding N1.40 or 9.93percent. It was followed by Chellaram which increased from N1.21 to N1.33, after adding 12kobo or 9.92percent; UPDC REIT which rose from N3 to N3.30, up by 30kobo or 10percent.

Sterling Bank, Chams, GTCO, Zenith Bank and Royal Exchange were top-5 traded stocks on Tuesday as investors in 3,681 deals exchanged 228,487,278 units valued at N4.443billion.